So while it isn't our typical practice to provide specific guidance on quarters, we do want to be as transparent as possible and provide you with some color on third and fourth quarter this year.

so while it isn't our typical practice to provide specific guidance on quarters we do want to be as transparent as possible and provide you with some color on third and fourth quarter this year


while payroll revenue growth in the fourth quarter, we anticipate to be at the higher end of the range. As we stated in previous calls, the fourth quarter will benefit from one additional processing day this year.

while payroll revenue growth in the fourth quarter we anticipate to be at the higher end of the range as we stated in previous calls the fourth quarter will benefit from one additional processing day this year


where we try to capture that stronger interest in buying and use that as a lead for the organization. We've got a cost calculator, so customers are able to understand what the cost of the Trex material would be.

where we try to capture that stronger interest in buying and use that as a lead for the organization we've got a cost calculator so customers are able to understand what the cost of the trex material would be


Just for closing, the Israel brought very good news and brought financing from sales and sales of assets that were hidden value on the company level.

just for closing the israel brought very good news and brought financing from itself and sales of assets that were hidden value on the company level


We fully believe that this is a great opportunity for us, but again, we want to make sure that everything we are doing is right for the brand. So we will be strategic and methodical as we work to reset this piece of the business, and we will keep you updated.

we fully believe that this is a great opportunity for us but again we want to make sure that everything we are doing is right for the brand so we will be strategic and methodical as we work to reset this piece of the business and we will keep you updated


and we're not really faced with such a stark decision. We really do both. But if we had to prioritize one today, we really want to get our technology into a lot of centers. And we're really focused with grabbing real estate, so to speak. So

and we're not really faced with such a stark decision we really do both but if we had to prioritize one today we really want to get our technology into a lot of centers and we're really focused with grabbing real estate so to speak so


what is your outlook to grow recurring revenue in 2019? Do you anticipate some recovery? What could we expect?

what is your outlook to grow recurring revenue in 2019 do you anticipate some recovery what could we expect


When you look back in the past where -- when we have a higher organic growth, we had also a very prosperous economy. But then during the crisis, many shops

when you look back in the past where when we have a higher organic growth we had also a very prosperous economy but then during the crisis many shops


high visibility, so it is -- also should not be a surprise to anybody that we do need to see positive growth in this business in order to meet our full year targets. On the offshore markets,

high visibility so it is also -- should not be a surprise to anybody that we do need to see positive growth in this business in order to meet our full year targets on the offshore markets


But we would only use the ATM if we thought it made sense. And our historical pattern has been to be very cautious on it. We announced that we might do it. We've gotten several inquiries from people asking us

but we would only use the atm if we thought it made sense and our historical pattern has been to be very cautious on it we announced that we might do it we've gotten several inquiries from people asking us


that we can be at flat volumes that offset some of the markets that are in modest decline. We're not seeing anything from an order rate or order pattern perspective that assumes a modest erosion in the second half. It's more just that

that we can be at flat volumes that offset some of the markets that are in modest decline we're not seeing anything from an order rate or order pattern perspective that assumes a modest erosion in the second half it's more just


Turning to the reduction in NPLs across each asset class. The strong performance that we've seen in our Irish mortgage portfolio over recent reporting periods continues. Nonperforming mortgages

turning to the reduction in npls across each asset class the strong performance that we've seen in our irish mortgage portfolio over recent reporting periods continues nonperforming mortgages


to have Rayaldee added to their formularies. While we expect there may be some utilization management restrictions initially, we have a number of access programs to help mitigate any potential impact, including a patient assistance program.

to have rayaldee added to their formularies while we expect there may be some utilization management restrictions initially we have a number of access programs to help mitigate any potential impact including a patient assistance program


Partner trading remained seasonally strong as we saw the benefits from the migration due to the 4G focus. We also saw strong demand on VDSL, which more than offsets the ADSL losses.

partner trading remains seasonally strong as we saw the benefits from the migration due to the 4g focus we also saw strong demand on vdsl which more than offsets the adsl losses


with less wells. And so I think that's the important point for me. And so with the saving in land that I mentioned, I think next year we'll be able to do the same with less capital and less wells.

with less wells and so i think that's the important point for me and so with the saving in land that i mentioned i think next year we'll be able to do the same with less capital and less wells


So going back to the question, you've got to have a disciplined approach to the mix of commercial and residential packages. Having said that, we are quite confident

so going back to the question you've got to have a disciplined approach to the mix of commercial and residential packages having said that we are quite confident


our current ratio substantially. Even though we're small, we have -- everything has been done to really position us for rapid growth in the future. And I'm just

our current ratio substantially even though we're small we have everything has been done to really position us for rapid growth in the future and i'm just


But closer to us, we are in a segment of the market which is not likely to be impacted. The government's efforts are really on the main line

but closer to us we are in a segment of the market which is not likely to be impacted the government sectors are really on the main line


And as I love to point out on these calls, that is a noncash tax provision in our financial statements as we do not pay cash income taxes, nor expect to for a few years. Turning to balance sheet.

and as i love to point out on these calls that is a noncash tax provision in our financial statements as we do not pay cash income taxes nor expect to for a few years turning to the balance sheet


Our goal for the event was to outline our plans for driving sustainable long-term profitable growth and provide a deep dive into our product strategy and the actions we have been taking to accelerate our transformation initiatives.

our goal for the event was to outline our plans for driving sustainable long-term profitable growth and provide a deep dive into our product strategy and the actions we have been taking to accelerate our transformation initiatives


target and any other similar words may be used to identify forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements.

target and any other similar words may be used to identify forward-looking statements such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements


right at the same level as our competitors. So we feel good about this going into 2017. When we look at the outlook for 2017, I think the thing that we would most focus on is, this is probably

right at the same level as our competitors so we feel good about this going into 2017 when we look at the outlook for 2017 i think the thing that we would most focus on is this is probably


I afraid that in business terms but in human terms it's really horrible. And there are better medicines that should be used earlier in these patient's journey and that's part of the policy aspect of it. On the pharmacoeconomic side, these patients are extremely expensive.

i phrase that in business terms but in human terms it's really horrible there are better medicines that should be used earlier in these patients' journey and that's part of the policy aspect of it on the pharmacoeconomic side these patients are extremely expensive


whether people actively go because they want to be with somebody that's a stronger, bigger entity or whether that entity raises their prices in response to spikes in prices and then that activates them to come to somebody like us,

whether people actively go because they want to be with somebody that's a stronger bigger entity or whether that entity raises their prices in response to spikes in prices and then they say -- and that activates them to come to somebody like us


they're early stage. There is a high mortality rate in those discussions. It's very hard to predict how many of those transactions will be completed and the timing of those transactions. But we are very comfortable with the pipeline that we have.

they're early stage there is a high mortality rate in those discussions it's very hard to predict how many of those transactions will be completed and the timing of those transactions but we are very comfortable with the pipeline that we have


As a result, we are improving our booked margin rate on new orders as well as accelerating service growth, which will help alleviate some of the margin pressure in the field organization as the year progresses.

as a result we are improving our book margin rate on new orders as well as accelerating service growth which will help alleviate some of the margin pressure in the field organization as the year progresses


and there is -- are food FDA regulations out there that are starting to come into play that people have to -- are getting to the end of the life cycle where they have to comply with. But then you also have the local fresh food phenomenon

and there's our food -- fda regulations out there that are starting to come into play that people have to -- are getting to the end of the life cycle where they have to comply with but then you also have the local fresh food phenomenon


In the Xetra segment, we from now on show revenues from listings separately. Previously these were included in the Other line item.

in the cipra segment we from now on show revenues from listings separately previously these were included in the other line item


As we experienced in December, when the more seasonable weather set in, there is a lot of pent-up customer demand from such a long period of sustained warmer-than-normal temperatures throughout last year and into the early part of this year.

as we experienced in december when the more seasonable weather set in there is a lot of pent-up customer demand from such a long period of sustained warmer-than-normal temperatures throughout last year and into the early part of this year


Potentially, but not necessarily share inside flexibles, were picking up share as they transfer from perhaps a rigid plastic container or a glass container moving into a flexible type container on that side of the business. And the same would be true.

potentially but not necessarily share inside flexibles we're picking up shares they transfer from perhaps a rigid plastic container or glass container moving into a flexible type container on that side of business and the same would be true


financial transactions completed by mobile devices have grown 75% over the past 2 years and is now the most popular financial transaction channel for our customers.

financial transactions completed via mobile devices have grown 75% over the past 2 years and is now the most popular financial transaction channel for our customers


In addition to the strong sales performance, we also benefited from a stable reimbursement environment in quarter 1. This is a welcome relief from the situation we faced over the past 6 years.

in addition to the strong sales performance we also benefited from a stable reimbursement environment in quarter 1 this is a welcome relief from the situation we faced over the past 6 years


personnel that we have in Vegas, the long-term relationship that they have in that market and their ability to source great land opportunities. And as you know, they've grown their market share consistently over the last 4 years. So

the personnel that we have in vegas the long-term relationships that they have in that market and their ability to source great land opportunities and as you know they've grown their market share consistently over the last 4 years so


we are pleased with the overall progress we're seeing in the business as a whole, especially, at the national carrier level. In a moment, I'll demonstrate the traction we're gaining in our key growth markets, which has been masked by temporary sub-par performance in other markets.

we are pleased with the overall progress we're seeing in the business as a whole especially at the national carrier level in a moment i'll demonstrate the traction we're gaining in our key growth markets which has been masked by temporary self-part performance in other markets


Good morning, and welcome to the PPL Corporation Fourth Quarter Earnings Conference Call.

good morning and welcome to the ppl corporation fourth quarter earnings conference call


that get very quickly internationalized and that becomes a nice contributor to the group's overall organic sales growth. Just wondering why you're not pulling that lever contrary to most of your competitors.

that get very quickly internationalized and that becomes a nice contributor to the group's overall organic sales growth just wondering why you're not pulling that lever contrary to most of your competitors


Could you elaborate a little bit more on what the plans are and whether it's just Barcelona-based or whether you look at other locations? I mean, Manchester seems to stand out as a big long-haul leisure destination and how that shapes your thinking on that.

could you elaborate a little bit more on what the plans are and whether they're just barcelona based or whether you look at other locations i mean manchester seems to stand out as a big long-haul leisure destination and how that shapes your thinking on that


We are also upgrading our capabilities to innovate across our business. Specifically, we will provide greater consumer access including through delivery and catering, enhance the digital experience, innovate around our menu and improve our restaurant design.

we are also upgrading our capabilities to innovate across our business specifically we will provide greater consumer access including through delivery and catering enhance the digital experience innovate around our menu and improve our restaurant design


and also increased 7 basis points from the third quarter in 2017. This upward trend has continued even with the effects of our purchase of lower core NIM banks that we purchased this year.

and also increased 7 basis points from the third quarter in 2017 this upward trend has continued even with the effects of our purchase of lower core nim banks that we purchased this year


is there are a lot of guys that kind of -- and it's amazing to us that -- that are involved in the industry, but there are a lot of guys that genuinely thought this wasn't going to come to pass, right up until, kind of, triple witching hour. And so

is there are a lot of guys that kind of -- and it's amazing to us that are involved in the industry but there are a lot of guys that genuinely thought this wasn't going to come to pass right up until kind of triple witching hour and so


We're ready to support our clients with our existing digital solutions, and we will continue to enhance and build new capabilities in the future. Lastly, as we evolve our business model, it is critical we have the right people in place,

we're ready to support our clients with our existing digital solutions and we will continue to enhance and build new capabilities in the future lastly as we evolve our business model it is critical we have the right people in place


See, the vessel design allows us to move between regions as well and then we have a high transit speed vessel here. So we can come down -- we can work the North Sea in the summer months and then come down to Africa in relatively quick time compared to

the vessel design allows us to move between regions as well remember we have a high transit speed vessel here so we can come down -- we can work the north sea in the summer months and then come down to africa in relatively quick time compared to


So why are we so confident in our retail positioning? I wanted to reflect back on 2 slides from our strategy presentation in December. The first of them, we believe community shopping centers

so why are we so confident in our retail positioning i wanted to reflect back on 2 slides from our strategy presentation in december the first of them we believe community shopping centers


they've already had that spectrum for 25 years. It doesn't help them to keep it for another 6 months or a year. It just, I guess, harms them less. Obviously, if they don't get the extension and have to shut it down, then they have a substantial amount of 3G capacity that they're losing.

they've already had that spectrum for 25 years it doesn't help them to keep it for another 6 months or a year it just i guess harms them less obviously if they don't get the extension enough to shut it down then they have a substantial amount of 3g capacity that they're losing


is -- has been maintained and the sentiment of our organization, particularly the commercial organization, realizes this and does not have concern with pursuing new business as a result of supply constraints. That has to be in place.

is -- has been maintained and the sentiment of our organization particularly the commercial organization realizes this and does not have concern with pursuing new business as a result of supply constraints that has to be in place


Thanks, Ivo. I will now cover our Q4 financial performance beginning on Slide 9 where, as Ivo mentioned earlier, you can see the record results that we have delivered for revenue and adjusted EBITDA. Adding to our core growth

thanks evo i will now cover our q4 financial performance beginning on slide 9 where as evo mentioned earlier you can see the record results that we have delivered for revenue and adjusted ebitda adding to our core growth


We believe this will simply take time and trial. Furthermore, as veterinarians expand the use of the product from acute inappetence into chronic inappetence, that will drive total days of therapy, which has the potential to increase sales.

we believe this will simply take time and trial furthermore as veterinarians expand the use of the product from acute anaphylaxis into chronic anaphylaxis that will drive total days of therapy which has the potential to increase sales


When we were sitting here last quarter, there were some very, very large specific transactions that we did not win that we were all very knowledgeable about and, quite frankly, we're fine not winning, either because of price or because of terms.

when we were sitting here last quarter there were some very very large specific transactions that we did not win that we were all very knowledgeable about and quite frankly we're fine not winning either because of price or because of terms


As social security expenses are rising around the world, the pressure on the pharmaceutical industry, as you know, to reduce drug costs,

as social security expenses are rising around the world the pressure on the pharmaceutical industry as you know to reduce drug cost


They can lease that intellectual capital for when they need it and for how long they need it. We continue to educate the market on the benefits of the sharing economy as it relates to professional work and the agile workforce.

they can lease that intellectual capital for when they need it and for how long they need it we continue to educate the market on the benefits of the sharing economy as it relates to professional work and the agile workforce


This led to a decision to temporarily reduce the output from other plants to further improve safety standards. This has placed increased pressure on sourcing costs as the region temporarily sources alternative products from these plants.

this led to a decision to temporarily reduce the output from other plants to further improve safety standards this has placed increased pressure on sourcing costs as the region temporarily sources alternative products from these plants


Looking ahead to the December quarter, we expect Communications and Data Center to be down, with strength in data center optical more than offset by declines in communications infrastructure and legacy products.

looking ahead to the december quarter we expect communications and data center to be down with strength in data center optical more than offset by declines in communications infrastructure and legacy products


So the launches or the delays in the launches and the programs that are rolling off actually are enhancing our mix as drive shaft remains relatively stable or, frankly, has improved some year-over-year because of the higher build rates.

so the launches or the delays in the launches and the programs that are rolling off actually are enhancing our mix as driveshaft remains relatively stable or frankly has improved some year-over-year because of the higher build rates


It is also a good year-around small business base. We see significant opportunities for deepening relationships with our product set, especially investment management and home equity along with a much higher lending capacity.

it is also a good year-round small business space we see significant opportunities for deepening relationships with our product set especially investment management and home equity along with a much higher lending capacity


So against the backdrop of a healthy market environment, we'll stay the course in terms of our game plan for 2018, sticking with the strategies that have served us well and produced a strong track record since we've been public.

so against the backdrop of a healthy market environment we'll stay the course in terms of our game plan for 2018 sticking with the strategies that have served us well and produced a strong track record since we've been public


adjusted operating profit. This is excluding the net cost of uplift which we're showing separately right down there at the bottom for each of the segments, since it is quite distorted whilst we going through the spend phase. And the other

adjusted operating profit this is excluding the net cost of uplift which was showing separately right down there at the bottom for each of the segments since it is quite distorted whilst we're going through the spend phase and the other


And also the procurement savings, you've made a big push. How quickly do they begin to feed through to the bottom line? Yes. And I wouldn't say so much as a pass-through as a recognition of an inflationary environment

and also the procurement savings you've made a big push how quickly do they begin to feed through to the bottom line yes and i wouldn't say so much as a pass-through as a recognition of an inflationary environment


were most in need of capacity. By doing so, we were able to increase access point density at those locations rather than distributing access points evenly across their entire footprint. This was a big investment for our customer.

were most in need of capacity by doing so we were able to increase access point density at those locations rather than distributing access points evenly across their entire footprint this was a big investment for our customer


At the Embedded World Technical Conference in Nuremberg, we highlighted how the NI platform is ideally suited to take advantage of ubiquitous connectivity and edge analytics that are needed for the industrial Internet of Things.

at the embedded world technical conference in nuremberg we highlighted how the ni platform is ideally suited to take advantage of ubiquitous connectivity and edge analytics that are needed for the industrial internet of things


But the other thing I would say is we're still optimistic that you're going to see some upward pricing pressure on commodity prices. As you see that construction activity really start to take hold, as we get into the spring, I think we're seeing early signs of that now.

but the other thing i would say is we're still optimistic that you're going to see some upward pricing pressure on commodity prices as you see that construction activity really start to take hold as we get into the spring i think we're seeing early signs of that now


And we made the presentation relatively short this quarter given the Cardtronics acquisition. And I think, Amanda has a couple of questions that she can ask and then we can open the floor to questions.

and we made the presentation relatively short this quarter given the cardtronics acquisition and i think amanda has a couple of questions that she can ask and then we can open the floor to questions


With our acquisition of ThinkGeek.com, we not only have the largest collectible-focused website, but we also have a strong development arm that allows us to produce the coveted exclusives that these fans desire.

with our acquisition of thinkgeek com we not only have the largest collectible-focused website but we also have a strong development arm that allows us to produce the coveted exclusives that these fans desire


the integration with Wheels now and the cross-selling, can you put any numbers behind it in terms of what percent of customers are now using both as opposed to what they were when you first had the transaction?

the integration with wheels now and the cross-selling can you put any numbers behind it in terms of what percent of customers are now using both as opposed to what they were when you first had the transaction


You can see the particular capacity and fuel guidance on this slide, so I'll just make a few comments about what we're seeing in the market at the moment. Looking ahead, we're seeing strong forward bookings.

you can see the particular capacity and fuel guidance on the slide so i'll just make a few comments about what we're seeing in the market at the moment looking ahead we're seeing strong forward bookings


Also, we will discuss certain financial information that is not prepared in accordance with GAAP. We believe that these non-GAAP financial measures, when reviewed in conjunction with our GAAP financial measures,

also we will discuss certain financial information that is not prepared in accordance with gaap we believe that these non-gaap financial measures when reviewed in conjunction with our gaap financial measures


Liberty Global disclaims any obligation to update any of these forward-looking statements to reflect any change in its expectations or in the conditions on which any such statement is based. I would now like to turn the call over to Mr. Mike Fries.

liberty global disclaims any obligation to update any of these forward-looking statements to reflect any change in its expectations or in the conditions on which any such statement is based i would now like to turn the call over to mr mike fries


Net activity in our membership business, including dues and upgrade sales revenue as well as sales and marketing expenses, was higher than expectations in the fourth quarter as a result of upgrade sales volume from our in-park sales efforts.

net activity in our membership business including dues and upgrade sales revenue as well as sales and marketing expenses was higher than expectations in the fourth quarter as a result of upgrade sales volume from our in-park sales efforts


This represents partial recovery of losses experienced over the past several years within BioMedical associated with higher than anticipated warranty claims experienced in certain AirSep product lines.

this represents partial recovery of losses experienced over the past several years within biomedical associated with higher than anticipated warranty claims experienced in certain airset product lines


percentage from Orange Belgium to get your cost down to being in line with what you've announced already? And then just a quick point around cost cutting. It seems like you are making very good progress on

percentage from orange belgium to get your costs down to being in line with what you've announced already and then just a quick point around cost cutting it seems like you're making very good progress on -- and to fit the


as the Chinese consumables order was only shipped in late December, so it will take a bit of time for the product to flow into the Chinese market. We do expect improved performance in other key international markets resulting from changes that we recently implemented.

as the chinese consumables order was only shipped in late december so it will take a bit of time for the product to flow into the chinese market we do expect improved performance in other key international markets resulting from changes that we recently implemented


taking more time or more expense than needed? Or how can you have the expansion -- or the relationship expand, put in more and more CapEx, yet have slower revenues? Or at some point, it's got to kind of all equalize, I would think.

taking more time and more expense than needed or how can you have the expansion -- or the relationship expand put in more and more capex yet have slower revenues or at some point it's got to kind of all equalize i would think


the projects that have been out there, the ones that -- we haven't won all of them, but we're certainly losing a lot fewer than we used to. So again, yes, I'm feeling pretty good about

the projects that have been out there the ones that we haven't won all of them but we're certainly losing a lot fewer than we used to so again yes i'm feeling pretty good about


So that gives us much greater flexibility in terms of thinking of our funding requirements associated with an acquisition. But if you stand back and look at how we would approach an acquisition,

so that gives us much greater flexibility in terms of thinking of our funding requirements associated with an acquisition but if you stand back and look at how we would approach an acquisition


we are looking at the markets kind of in that way. We tend to start with a sustainable harvest level for each of our regions. And then we always look for ways within that sustainable harvest

we are looking at the markets kind of in that way we tend to start with a sustainable harvest level for each of our regions and then we always look for ways within that sustainable harvest


and then also have this huge growth in what look like retail settings and what tends to be a little bit more episodic or fragmented care with less connection to the primary care docket at a nursing care center, for example?

and then also have this huge growth in what looks like retail settings and what tends to be a little bit more episodic or fragmented care with less connection to the primary care dock at an urgent care center for example


low level at the end of the year, with the pipeline that we're looking at. Very enthused about the progress that we continue to make internally in terms of efficiency and accuracy, if you will, in our underwriting. So I think we're in very good shape.

low level at the end of the year with the pipeline that we're looking at very enthused about the progress that we continue to make internally in terms of efficiency and accuracy if you will in our underwriting so i think we're in very good shape


We saw a modest slowdown in the pace of residential construction in the fourth quarter as an uncertain interest rate environment led to moderating activity from homebuilders, and home affordability continued to be an issue.

we saw a modest slowdown in the pace of residential construction in the fourth quarter as an uncertain interest rate environment led to moderating activity from homebuilders and home affordability continued to be an issue


We expect strong store additions for the full year, including a total of 27 to 32 newly constructed company stores. We are raising our franchise store growth expectations based on the strong start to the year.

we expect strong store additions for the full year including a total of 27 to 32 newly constructed company stores we are raising our franchise store growth expectations based on the strong start to the year


as we do a zero-based budget for every space in the portfolio, we're taking a thoughtful look at each space and the spaces we may get back because of retailer distress or disruption, and then there's an additional kind of portfolio reserve

as we do a 0-based budget for every space in the portfolio we're taking a thoughtful look at each space and the spaces we may get back because of retailer distress or disruption and then there's an additional kind of portfolio reserve


are exactly on this topic of the cost of implementing and living under that exemption. And so if some of that should change, we'll reevaluate, but right now we don't see that as a significant dynamic for us to deal with.

are exactly on this topic of the cost of implementing and living under that exemption and so if some of that should change we'll reevaluate but right now we don't see that as a significant dynamic for us to deal with


We're very pleased with the financing and the resulting capital structure. It will leave us well positioned with respect to our debt service obligations and provide flexibility for potential future acquisitions once we get the current businesses substantially integrated.

we're very pleased with the financing and the resulting capital structure it will leave us well positioned with respect to our debt service obligations and provide flexibility for potential future acquisitions once we get the current businesses substantially integrated


trying to open that up to speed up the rate at which new technology can be introduced, creating standards which will help improve the affordability, is something that all of our customers as well as the government is interested

trying to open that up to speed up the rate at which new technology can be introduced creating standards which will help improve the affordability is something that all of our customers as well as the government is interested in


We will focus on the value-creation process in order to optimize synergies related to the acquisition as outlined on Page 17. We have begun to leverage Stoneridge's customer relationships and products

we will focus on the value creation process in order to optimize synergies related to the acquisition as outlined on page 17 we have begun to leverage stalridge's customer relationships and products


Both at the vehicle and catalyst manufacturer levels, domestic players are strong and growing challengers to the global incumbents. There are numerous domestic catalyst manufacturers with excellent coating capabilities honed by serving a very demanding

both at the vehicle and catalyst manufacturer levels domestic players are strong in growing challengers to the global incumbents there are numerous domestic catalyst manufacturers with excellent coating capabilities honed by serving a very demanding


Okay. And I believe you mentioned that PolyOne experienced strong growth in Asia. Have you seen any changes in industry competitive dynamics in China and Asia more broadly in the past 6 months or so? And

okay and i believe you mentioned that polyones experienced strong growth in asia have you seen any changes in industry competitive dynamics in china and asia more broadly in the past 6 months or so and


But as you saw in the fourth quarter and certainly as we now see well into the first quarter of our next fiscal year, we are clearly showing much faster revenue growth and the earnings leverage that we believe is inherent in our business.

but as you saw in the fourth quarter and certainly as we now see well into the first quarter of our next fiscal year we are clearly showing much faster revenue growth and the earnings leverage that we believe is inherent in our business


Three. Approximately 50% of current outsourcing contracts coming up for renewal in the next 24 months are at risk of not being renewed with the incumbent service or technology provider.

three approximately 50% of current outsourcing contracts coming up for renewal in the next 24 months are at risk of not being renewed with the incumbent service or technology provider


That's good news for the business. And it does suggest to us that despite the daily forecast of gloom and doom for the global economy, individual businesses are still pursuing initiatives that require consulting support.

that's good news for the business and it does suggest to us that despite the daily forecast of gloom and doom for the global economy individual businesses are still pursuing initiatives that require consulting support


For home, we are also expecting a continuation of current market conditions and we have seen some limited premium inflation in the market. Again, our recent trading is consistent with the guidance.

for home we are also expecting a continuation of current market conditions and we have seen some limited premium inflation in the market again our recent trading is consistent with the guidance


The award I assume was based on the higher revenues and the higher profits that we originally recorded. Are those executives going to return any of that incentive compensation that was paid to them?

the award i assume was based on the higher revenues and the higher profits that we originally recorded are those executives going to return any of that incentive compensation that was paid to them


Another important part of the outstanding customer service is our online channel. And we are working, on a daily basis now, to take convenience online to the next level.

another important part of the outstanding customer service is our online channel and we are working on a daily basis now to take convenience online to the next level


And in our industry, we know that you have to offer the full range of sizes to get any traction at all. So some of them may have rushed the market with one quick one, that private label out of China or something, and I think they're going to have trouble getting any traction.

and in our industry we know that you have to offer the full range of sizes to get any traction at all so some of them may have rushed to market with one quick one that they private label out of china or something and i think they're going to have trouble gaining any traction


returns available in other real estate classes and maybe, to some extent, in other investment opportunities. And when you're looking at the select-service brands, particularly, there's less volatility in those -- the performance of those hotels.

returns available in other real estate classes and maybe to some extent in other investment opportunities and when you're looking at the select service brands particularly there's less volatility in those -- the performance of those hotels


And also, in the leverage calculations, as I said in the speech, the way that works for our covenant purposes is that we use the average exchange rates for the period to translate the borrowings. So you are not getting a mismatch between

and also in the leverage calculations as i said in the speech the way that works for our covenant purposes is that we use the average exchange rates for the period to translate the borrowings so you are not getting a mismatch between


We took the opportunity in recent quarters to add modestly to position post-market dislocation such as Brexit in June, and as the markets have recovered, we've selectively reduced our exposures to some of these positions.

we took the opportunity in recent quarters to add modestly to positions post-market dislocations such as brexit in june and as the markets have recovered we've selectively reduced our exposures to some of these positions


to come up with the equity necessary to capitalize the concessions that are going to build those roads. So we decided it was a perfect time to go and raise capital.

to come up with the equity necessary to capitalize the concessions that are going to build those roads so we decided it was a perfect time to go in and raise capital


This required a supplemental funding to keep the company alive through February 2017 and a request to our development partner, Cook Biotech, to assist with the first-in-human clinical trials.

this required a supplemental funding to keep the company alive through february 2017 and a request to our development partner cook biotech to assist with the first in-human clinical trials


how should we think about the sustainability of those margins longer term as more competitors compete in those areas? And then I know that you asked for only one question. But could you just comment on

how should we think about the sustainability of those margins longer term as more competitors compete in those areas and then i know that you asked for only one question but could you just comment on


In terms of numbers, you may think our numbers are slightly worrying. Actually, that is not the fact. It is because we are actively managing

in terms of numbers you may think our numbers are slightly worrying actually that is not the fact it is because we are actively managing


Today's discussion will contain forward-looking statements, which are based on assumptions we believe to be true only as of today's date, but which are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied by such forward-looking statements.

today's discussion will contain forward-looking statements which are based on assumptions we believe to be true only as of today's date but which are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected or implied by such forward-looking statements


In today's conference call, I will provide you with an update on key developments for the quarter, together with an overview of our business segments, including propulsion systems, auxiliary products and engineering services.

in today's conference call i will provide you with an update on key developments for the quarter together with an overview of our business segments including propulsion systems auxiliary products and engineering services


Before I begin my review of the results, let me remind everyone that the operating results presented in today's release reflect the changes in our financial reporting as a result of our implementation of the new revenue accounting standard.

before i begin my review of the results let me remind everyone that the operating results presented in today's release reflect the changes in our financial reporting as a result of our implementation of the new revenue accounting standard


I would like to highlight 2 main points. First, although performance in the non-resource field was firm, lower market prices on resource commodities led to a decline in the resource field.

i would like to highlight 2 main points first although performance in the non-resource field was firm lower market prices on resource commodities led to a decline in the resource field


When you aggregate it all, we're doing quite well. But specifically in manufacturing productivity -- in the plants that have SPS, we just have stellar results that have fully implemented it.

when you aggregate it all we're doing quite well but specifically in manufacturing productivity in the plants that have sps we just have stellar results that have fully implemented


some, if you will, conversation around what to expect so that we can prepare for what -- launching of new funds and things like that. So we're anticipating a better back half of the year because of what we're hearing. But

some if you will conversation around what to expect so that we can prepare for what -- launching of new funds and things like that so we're anticipating a better back half of the year because of what we're hearing but


The fund industry, in particular, has an opportunity to shift to a more data-centric and analytics-driven model, which is just one step in the overall evolution of financial services, moving from documents to data.

the fund industry in particular has an opportunity to shift to a more data-centric and analytics-driven model which is just one step in the overall evolution of financial services moving from documents to data


single account they run. But they are also responsible for liaising with their colleagues inside of Intertek to basically make sure they can get the ATIC solution they need for their customers inside the group portfolio.

single account they run but they're also responsible for liaising with their colleagues inside of intertek to basically make sure they can get the atix solution they need for their customers inside the group portfolio


getting new budgets and spending levels around a lot of assets that changed hands up there. So I really see it just as a little bit of a timing issue. We still feel very good about the growth in the year and the

getting new budgets and spending levels around a lot of assets that changed hands up there so i really see it just as a little bit of a timing issue we still feel very good about the growth in the year and


Our full year adjusted pretax operating margin continue to improve, adjusting for the significant items. In order to maintain momentum, we will continue to develop client solutions in alternative and passive strategies to meet our clients' needs.

our full year adjusted pretax operating margin continued to improve adjusting for the significant items in order to maintain the momentum we will continue to develop client solutions and alternative and passive strategies to meet our clients' needs


We're getting the rate we need. Retention is holding, which means others are pushing that rate as well. We continue to attract new, profitable auto business. So it's certainly not at an industry crisis stage. It seems like

we're getting the rate we need retention is holding which means others are pushing that rate as well we continue to attract new profitable auto business so it's certainly not at an industry crisis stage it seems like


And that's been powerful. Those compound effects of improvements are pretty impressive. Second thing is image processing software. The algorithms themselves to shape the image have also been improving over time, and also we can release in patches and updates.

and that's been powerful those compound effects of improvements are pretty impressive second thing is image processing software the algorithms themselves to shape the image have also been improving over time and also we can release in patches and updates


We continue to grow overall transactions in the marketplace, attracting new customers into our stores as well as continuing to elevate the frequency of our existing customers.

we continue to grow overall transactions in the marketplace attracting new customers into our stores as well as continuing to elevate the frequency of our existing customers


We'll highlight aspects of our REMS program and the distribution restricted to those that would qualify for receiving our product. And those would likely be the main focus moving forward.

we'll highlight aspects of our ramps program and the distribution restricted to those that would qualify for receiving our product and those would likely be the main focus moving forward


Interesting, okay. And how would you characterize the pricing structure across your portfolio in the quarter and for the year? Are you expecting stability in pricing?

interesting okay and how would you characterize the pricing structure across your portfolio in the quarter and for the year are you expecting stability in pricing


Thankfully, our teams managed to keep many of our manufacturing facilities running, which was a critical accomplishment. We executed our business continuity and contingency plans to make -- to contain the impact of the incident

thankfully our teams managed to keep many of our manufacturing facilities running which was a critical accomplishment we executed our business continuity and contingency plans to contain the impact of the incident


dealers that we sell the LSW package through, by our choice. And the reason being is that we believe

dealers that we sell the lsw package through by our choice and the reason being is that we believe


and adjusted EBITDA grew by 12.9%. These results were driven by the strength of both new and existing Shacks as well as by our focus and ongoing commitment to invest across our key digital initiatives and foundational infrastructure.

and adjusted ebitda grew by 12 9% these results were driven by the strength of both new and existing checks as well as by our focus and ongoing commitment to invest across our key digital initiatives and foundational infrastructure


European hospitals are very cost conscious, and many of them see great potential value in being able to use the T2Candida Panel to rapidly remove patients from unnecessary and very expensive empiric anti-fungal therapy.

european hospitals are very cost-conscious and many of them see great potential value in being able to use the t2 candidate panel to rapidly remove patients from unnecessary and very expensive empiric antifungal therapy


We have a social media campaign underway with a powerful group of authentic influencers to drive awareness and engagement for the brand. International expansion is a key priority to grow the brand.

we have a social media campaign underway with a powerful group of authentic influencers to drive awareness and engagement for the brand international expansion is a key priority to grow the brand


And very importantly, we continued to reap the benefits of our OptionsHouse acquisition, now nearly 2 years post deal closed, driving improved metrics and expending the platform and offerings to our most active trading client base.

and very importantly we continue to reap the benefits of our auction house acquisition now nearly 2 years post deal close driving improved metrics and expanding the platform and offerings to our most active trading client base


So we took perhaps a somewhat conservative view, there is definitely upside to our estimate, but we believe that those people have a greater chance of finding a cheaper property than those people who would look for as much of a 20% discount in the price.

so we took perhaps a somewhat conservative view there is definitely upside to our estimate but we believe that those people have a greater chance of finding a cheaper property than those people who would look for as much of a 20% discount in the price


But what happened today is they would be giving -- would go ahead and do that insurance coverage check with our partner organization and we determine what their exact coverage level, the bridge program would be an opportunity

what would happen today is they would be giving -- go ahead do that insurance coverage check with our partner organization and would determine what their exact coverage level the bridge program would be an opportunity


There are reasons for this, including higher planned maintenance this quarter and we have a lot of cost progress behind us. But we continue to be excited by the opportunity ahead of us. There is more to come in productivity.

there are reasons for this including higher planned maintenance this quarter and we have a lot of cost progress behind us but we continue to be excited by the opportunity ahead of us there is more to come in productivity


certainly employ some other creative tactics that maybe a small, more flexible and nimble biotech company can use, that giant pharmaceutical companies that have strategic portfolio considerations may not be able to

certainly employ some other creative tactics that maybe a small more flexible and nimble biotech company can use that giant pharmaceutical companies that have strategic portfolio considerations may not be able to


Sales of upholstery fabrics were exceptionally strong, as many customers were ordering ahead of the Chinese New Year holiday that occurred entirely in February this year, as opposed to January last year.

sales of upholstery fabrics were exceptionally strong as many customers were ordering ahead of the chinese new year holiday that occurred entirely in february this year as opposed to january last year


As we continue to diversify our customer base, we believe the hospitality market offers significant growth opportunities for Culp. We are actively pursuing acquisition opportunities in this area

as we continue to diversify our customer base we believe the hospitality market offers significant growth opportunities for culp we are actively pursuing acquisition opportunities in this area


This presentation will be posted on our website and includes an appendix with footnotes and the reconciliations of GAAP to adjusted numbers. Please also refer to tables included in our earnings press release for a reconciliation of GAAP to the adjusted numbers that we will be discussing.

this presentation will be posted on our website and includes an appendix with footnotes and the reconciliations of gaap to adjusted numbers please also refer to tables included in our earnings press release for a reconciliation of gaap to the adjusted numbers that we will be discussing


As our portfolio size increased, we also added some credit hedges, as you can see on Slide 16. JR and Larry mentioned that our adjusted net income effectively covered our dividend for the quarter.

our portfolio size increased as our portfolio size increased we also added some credit hedges as you can see on slide 16 jr and larry mentioned that our adjusted net income effectively covered our dividend for the quarter


we normally get the question how much -- when can we expect margins to be on a decent level in Finland, and of course, it will take some time, but there is no reason why Finland shouldn't be

we normally get the question how much -- when can we expect margins to be on a decent level in finland and of course it will take some time but there is no reason why finland shouldn't be


He has been working to identify and leverage the strengths of the tool companies and service companies within Actuant. As part of this process, we've started combining the Enerpac industrial tools and the Hydratight businesses from an operating standpoint.

has been working to identify and leverage the strengths of the tool companies and service companies within actuant as part of this process we have started combining the interpac industrial tools and the hydrotite businesses from an operating standpoint


as we went into this particular account, for example, we actually entered with a high-value kind of a project which also from a scale and size point of view can be very, very significant.

as we went into this particular account for example we actually entered with a high-value kind of a project which also from a scale and size point of view can be very very significant


We've decided to take a turnaround in the fourth quarter in one of the catalyst operations really to get some of the reliability performance back to where we need to do. So that's, that's an additional opportunity on that side of it. But so it's really

we've decided to take a turnaround in the fourth quarter and one of the catalyst operations really to get some of the reliability performance back to where we need to do so that's an additional opportunity on that side of it but -- so it's really


Freight was softer, especially after the Thanksgiving holiday. This, combined with the challenge of honoring driver home time while also encouraging drivers to come back to work in appropriate time, proved to be more difficult than we expected.

freight was softer especially after the thanksgiving holiday this combined with the challenge of honoring driver home time while also encouraging drivers to come back to work in appropriate time proved to be more difficult than we expected


remains unchanged. Our expectation for full year unit margin improvement remains unchanged. Very much on track despite second quarter weather impacts. Again, the work is there. Everybody sees it

remains unchanged our expectation for full year unit margin improvement remains unchanged very much on track despite second quarter weather impacts again the work is there everybody sees it


Looking at contract manufacturing, we expect continued grow throughout 2019. While some clients have postponed decisions on project awards, we are making progress in other areas by expanding the products we produce.

looking at contract manufacturing we expect continued growth throughout 2019 while some clients have postponed decisions on project awards we are making progress in other areas by expanding the products we produce


And we have very close relationships with our major customers. And I think the proof of the pudding is in the eating. Dave told you we're having an outstanding peak. Well, that's because

and we have very close relationships with our major customers and i think the proof of the pudding is in the eating dave told you we're having an outstanding peak well that's because


operating cash flows were up more than 40% for the year and free cash flow was up more than 70%. Color had another great performance in the fourth quarter and the group had an outstanding year.

operating cash flows were up more than 40% for the year and free cash flow was up more than 70% color had another great performance in the fourth quarter and the group had an outstanding year


And at the same time, we're world renowned for our safe and reliable networks and we are actually transforming the networks at the moment, with the new energy that's coming on. So to spend tens of billions of pounds of taxpayers' money

and at the same time we're well renowned for our safe and reliable networks and we're actually transforming the networks at the moment with the new energy that's coming on so to spend tens of billions of pounds of taxpayers' money


that Jim mentioned in his opening remarks. This quarter, we announced a deal with Kohl's at our box in London, Kentucky, which we expect to announce other national tenants later this year, and we'll start opening those spaces towards the end of the year.

that jim mentioned in his opening remarks this quarter we announced a deal with kohl's at our box in london kentucky which we expect to announce other national tenants later this year and we'll start opening those spaces towards the end of the year


is acceptable to both parties, then there's a huge potential utilization of that asset in a different way. That was an additional one to the ones we were looking at around bitumen supply and utility supply. So

acceptable to both parties then there's a huge potential utilization of that asset in a different way that was an additional one to the ones we were looking at around bitumen supply and utility supply so


Our expectations contain many risks and uncertainties. The principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings.

our expectations contain many risks and uncertainties the principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our sec filings


You will have followed the Obuasi story over the past few years as we worked on optimizing the approach to the redevelopment and worked with the government of Ghana to agree the framework and conditions for the redevelopment.

you will have followed the obuasi story over the past few years as we worked on optimizing the approach to the redevelopment and worked with the government of ghana to agree the framework and conditions for the redevelopment


Now turning onto our financial expectations. Based on timing expectations and projected costs of our clinical development plan, we expect that our current cash, cash equivalents and marketable securities

now turning on to our financial expectations based on timing expectations and projected costs of our clinical development plans we expect that our current cash cash equivalents and marketable securities


As we look forward to how we contract our book, we actually incent our sales guys on making sure that we have a book of forward sales. And generally, what we're looking for, at a minimum

as we look forward to how we contract our book we actually incent our sales guys on making sure that we have a book of forward sales and generally what we're looking for at a minimum


As one of the first results, we found we could claim certain additional FICO credits for prior years. This amount was deducted from our income tax expense in the quarter. Otherwise, we would have paid an effective tax rate of 36.6%. Please

as one of the first results we found we could claim certain additional fica credits for prior years this amount was deducted from our income tax expense in the quarter otherwise we would have paid an effective tax rate of 36 6% as


Ultimately, there will be a final solution to the Zika situation nationwide and there will be a meaningful upside to our operations. Regarding supply after a couple of years of outsized growth, we now know there's only 1 smaller hotel reopening in South Beach.

ultimately there will be a final solution to the zika situation nationwide and there will be a meaningful upside to our operations regarding supply after a couple of years of outsized growth we now know of only one smaller hotel reopening in south beach


the results to the Steel results. We buy steel from the steel mill at a market price, and we want to add value to steel sold by the steel mill.

the results to the steel result we buy steel from the steel mill at a market price and we want to add value to steel sold by the steel mill


maybe flagging anything in the contract on the other side, right? So I'm -- you lived through a number of years ago where the Obama administration snuck in some language about recompeting contracts

maybe flagging anything in the contract on the other side right so i'm -- you lived through a number of years ago where the obama administration snuck in some language about recompeting contracts


This is just a sampling of the valuable additions that allow us to continue to drive growth. Before turning the call over to Steven, I would like to say that our thoughts are with the operators who've experienced loss during the recent hurricane.

this is just a sampling of the valuable additions that allow us to continue to drive growth before turning the call over to stephen i would like to say that our thoughts are with the operators who have experienced loss during the recent hurricanes


For example, in ERCOT, the retail electric provider has full ownership of the customer relationship, including performing the billing function and customer service, with the exception of outages which is handled by the wires company.

for example in irkot the retail electric provider has full ownership of the customer relationship including performing the billing function and customer service with the exception of outages which is handled by the wires company


Thanks, Rob. As we've said, 2015 was a year that presented us with a number of challenges, and I'm pleased with the ability of our team to adapt to current conditions while continuing to drive our long-term strategy.

thanks rob as we've said 2015 was a year that presented us with a number of challenges and i'm pleased with the ability of our team to adapt to current conditions while continuing to drive our long-term strategy


We basically took out nearly 1 billion of capacity already. And what we said is the rest will come out of the collection of our system. And so we are working at that all the time and trying to get that out of the system. So that is our intention is to get the bulk of that out.

we basically took out nearly a billion of capacity already and what we said is the rest will come out of the collection of our system and so we are working at that all the time and trying to get that out of the system so that is our intention is to get the bulk of that out


My greatest concern is which USA Truck will show up in the middle innings of this mighty change. We are proud of our results for sure, but it is our job as a team to make sure that these greatly improved results become the new standard of our business,

my greatest concern is which usa truck will show up in the middle innings of this mighty change we are proud of our results for sure but it is our job as a team to make sure that these greatly improved results become the new standard of our business


Demand continues to be healthy across our product groups and geographies and we expect the acceleration of growth for our new program serving wireless applications.

demand continues to be healthy across our product groups and geographies and we expect the acceleration of growth for our new program serving wireless applications


We are delighted to be working with Chevron at Sarta. The asset has the potential to become one of the largest fields in KRI, and we look forward to starting the development journey and understanding the field potential.

we are delighted to be working with chevron at sata the asset has the potential to become one of the largest fields in kri and we look forward to starting the development journey and understanding the field potential


except for the fact that there is so much private equity out there in funds waiting to be deployed, and those borrowers are almost always floating-rate borrowers because they want the flexibility that floating-rate debt gives them to be able to trade the assets.

except for the fact that there is so much private equity out there in funds waiting to be deployed and those borrowers are almost always floating rate borrowers because they want the flexibility that floating rate debt gives them to be able to trade the assets


with first production expected early in the second quarter of 2019. Also, in the Arkoma basin, we continue to work on deepening our technical understanding of the basin geology and maturing our drilling inventory.

with first production expected early in the second quarter of 2019 also in the arkoma basin we continue to work on deepening our technical understanding of the basin geology and maturing our drilling inventory


I am pleased with the momentum in our business and our strategic transformation underway focused on our Growth Forward Plan. Our second quarter results demonstrate the consistency of our performance and our improved competitive positioning.

i am pleased with the momentum in our business and our strategic transformation underway focused on our growth forward plan our second quarter results demonstrate the consistency of our performance and our improved competitive positioning


There are also factors that we believe could counterbalance these tailwinds to some degree. For several quarters now, we've discussed the tightening labor market with increasing labor costs, which is a headwind to our ability to reduce manufacturing costs.

there are also factors that we believe could counterbalance these tailwinds to some degree for several quarters now we've discussed the tightening labor market with increasing labor costs which is a headwind to our ability to reduce manufacturing costs


So the terms that we take should be the best for you, the shareholder, and that's what we're looking at. We're looking at can we broaden our -- can we broaden what it is we're doing, so that we become a larger part of the market

so the terms that we take should be the best for you the shareholder and that's what we're looking at and we're looking at can we broaden our -- can we broaden what it is we're doing so that we become a larger part of the market


No. I think we should see some profitably in the first half because the actions we've taken were here in the fourth quarter in terms of headcount reductions. So it's likely to ramp up a little bit towards the back, but we should be profitable the first half of the year.

no i think we should see some profitability in the first half because the actions we've taken were here in the fourth quarter in terms of headcount reduction so it's likely to ramp up a little bit towards the back but we should be profitable in the first half of the year


Thank you, Anuradha. I would like to welcome everybody to this call and appreciate your joining us for the discussion on the results of the third quarter of fiscal 2016. Let's begin with details of some of the key developments of the quarter,

thank you anuradha i would like to welcome everybody to this call and appreciate your joining us for the discussion on the results of the third quarter of fiscal 2016 let's begin with details of some of the key developments of the quarter


a large payment of cash one way or the other into one quarter or another quarter. So I don't think it's something you should look at as seasonal so much as just our ability to achieve these milestones and get the

a large payment of cash one way or the other into one quarter or another quarter so i don't think it's something you should look at as seasonal so much as just our ability to achieve these milestones and get the


in the other players, my observation is that it is not fully absorbed by the market because the market does not believe closures until it sees them. So I think you probably have to wait for

in the other players my observation is that it is not fully absorbed by the market because the market does not believe closures until it sees them so i think you would probably have to wait for


very keenly focused on exactly what the design is and how that project will ultimately benefit the community. We -- there are a number of areas that we would like to see benefits come. We want to make sure the project helps with transit,

very keenly focused on exactly what the design is and how that project would ultimately benefit the community we -- there are a number of areas that we'd like to see benefits come we want to make sure the project helps with transit


For the first time, we have also published Health separately. I know this was a big desire of yours or some of yours over a long time. We have done it. Because Health for us is very important.

for the first time we have also published health separately i know this was a big desire of yours or some of yours over a long time we have done it because health for us is very important


Before I turn the call over to them. We'd like to refer you to Slide 2 on the presentation, and advise that certain remarks we make during this call about the company's future expectations, plans and prospects constitute forward-looking statements

before i turn the call over to them we'd like to refer you to slide 2 in the presentation and advise that certain remarks we make during this call about the company's future expectations plans and prospects constitute forward-looking statements


organic growth. And so we fund our businesses for both maintenance and productivity and growth. And as we've announced, we've been implementing this growth capital on the specialty side.

organic growth and so we fund our businesses for both maintenance and productivity and growth and as we've announced we've been implementing this growth capital on the specialty side


that the contract manufacturing data is going to add much? Is there much growth potential with either of those to make up the difference until some big orders flow in?

that contract manufacturing data is going to add much is there much growth potential with either of those to make up the difference until some big orders follow in


These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our fourth quarter 2018 earnings release.

these measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with gaap a reconciliation of these measures to the most directly comparable gaap measure is available in our fourth quarter 2018 earnings release


but if we're able to maintain these effects, we should see greater treatment differences than we're seeing with droxidopa assuming, of course, that the placebo response is comparable to what they had in their own studies and we have no reason to believe that it would be different.

but if we're able to maintain these effects we should see greater treatment differences than we're seeing with droxidopa assuming of course that the placebo response is comparable to what they had in their own studies and we have no reason to believe that it would be different


So, that's why we've made WOODS and other own brands a priority for Chek this season. Over the coming weeks, we'll execute a plan to re-merchandise our athletic and outerwear departments by category instead of by brand as they are today

so that's why we've made woods and other owned brands a priority for chek this season over the coming weeks we'll execute a plan to re-merchandise our athletic and outerwear departments by category instead of by brand as they are today


I think if you look at my little story on Paderno and apply the same thinking we've got sort of season-after-season plans in place for Helly. And when we bought them in July, you could well imagine they didn't have

i think if you look at my little story on paderno and apply the same thinking we've got sort of season after season plans in place for halley and when we bought them in july you could well imagine they didn't have


give us an idea of historically, how much of that pricing sticks? And given that we're in a pretty weak-demand environment at the moment, if you think that pricing increase will be more or less sticky than it historically has been?

give us an idea of historically how much of that pricing sticks and given that we're in a pretty weak demand environment at the moment if you think that pricing increase will be more or less sticky than it historically has been


While the power outage environment is obviously beyond our control, when market conditions inevitably improve, we believe we are well positioned to fully leverage the innovative sales and marketing programs for home standby generators, which were largely only implemented within the last 3 years.

while the power outage environment is obviously beyond our control when market conditions inevitably improve we believe we are well positioned to fully leverage the innovative sales and marketing programs for home standby generators which were largely only implemented within the last 3 years


For full year 2018, we were pleased to deliver 11% top line growth with strong operating leverage, ahead of the expectations we had in the beginning of the year and well above the growth rates we saw in most of the end markets we serve.

for full year 2018 we were pleased to deliver 11% top line growth with strong operating leverage ahead of the expectations we had in the beginning of the year and well above the growth rates we saw in most of the end markets we serve


in converting our product mix into the premium products. And so we have to expand that capacity. There's investments happening in our Lawrenceburg facility. We've got additional investments happening in

in converting our product mix into the premium products and so we have to expand that capacity there's investments happening in our warsburg facility we've got additional investments happening in


The way that I look at this and the way that our whole company looks at this, we were the original, right, the original place to invest online. Our brand absolutely extends and is welcomed by that customer set,

the way that i look at this and the way that our whole company looks at this we were the original right the original place to invest online our brand absolutely extends and is welcomed by that customer set


He has been a key contributor to the development and execution of the company's strategic plan, and has played a strong financial foundation for Cable ONE to continue its focus on driving growth that is profitable and sustainable.

he has been a key contributor to the development and execution of the company's strategic plans and has laid a strong financial foundation for cable one to continue its focus on driving growth that is profitable and sustainable


really think that it would help us in terms of a time line to try to get this licensed in another country because the NRC would probably want to see the same kind of testing that we already plan to be doing.

i don't really think that it would help us in terms of a time line to try to get this licensed in another country because the nrc would probably want to see the same kind of testing that we already plan to be doing


So therefore in Q1 we had the somewhat higher price than we would have thought given that we got the better mix in Q1. In Q2, where we expect volumes to be higher we will also have a slightly worse mix from that point of view

so therefore in q1 we had a somewhat higher price than we would have thought given that we got the better mix in q1 in q2 where we expect volumes to be higher we will also have a slightly worse mix from that point of view


Well, to put a little more color on it, I would say it's a few points above average relative to the other parts of our sweet goods portfolio, but the gaps aren't very big. They're a couple of points, maybe.

well to put a little more color on it i would say it's a few points above average relative to the other parts of our sweet goods portfolio but the gaps aren't very big a couple of points maybe


Construction activity month-over-month has shown steady improvement since the start of the year, according to data from Dodge. Work continues to translate funding from the FAST Act into activity on the ground, but the impact to-date has been negligible.

construction activity month-over-month has shown steady improvement since the start of the year according to data from dodge work continues to translate funding from the fast act into activity on the ground but the impact to date has been negligible


as teammates here than any other place in the world. But I'd imagine we'd be pretty darn close. Because this is a competitive mindset and one that just -- does just want to be better. And so we realized is that we want to be clear. We are certainly not declaring victory,

as teammates here than any other place in the world but i'd imagine we'd be pretty darn close because this is a competitive mindset and one that just -- does just want to be better and so we realize is that we want to be clear we are certainly not declaring victory


capacity coming online if it doesn't find a home, how much of that could you get? What would you say is your, from this point forward, your incremental market share opportunity in the Canadian oil sands for every barrel of oil that comes out?

capacity coming online if it doesn't find a home how much of that could you get what would you say is your -- from this point forward your incremental market share opportunity in the canadian oil sands for every barrel of oil that comes out


And I said already, drug channel was definitely an issue where they are impacted by this frequency, and as well department stores, where chocolate is big as well has been affected.

and as said already truck channel was definitely an issue where they are impacted by less frequency and as well department stores where chocolate is big as well has been affected


I don't know if you can bucket it out at all in terms of just headwinds that you would have been facing even without tax savings reinvestment. And I think there was a call-out on the Arizona minimum wage, would be one bucket.

i don't know if you can bucket it out at all in terms of just headwinds that you would have been facing even without tax savings reinvestment and i think there was a call out on the arizona minimum wage would be one bucket


So our aim is to really try to catch as many as we can as early as possible and get our products, our current preservation media products baked into their protocols and so they're carried through all the way. It would be much easier for us to displace

so our aim is to really try to catch as many as we can as early as possible and get our products our current preservation media products baked into their protocols and so they're carried through all the way it would be much easier for us to displace


For our company, I have to say we are disappointed by the Federal Trade Commission's decision to put us through a second request related to the proposed GPP-Delek Logistics joint venture to acquire terminal assets from American Midstream.

for our company i have to say we are disappointed by the federal trade commission's decision to put us through a second request related to the proposed gpp bellic logistics joint venture to acquire terminal assets from american midstream


Second, with a solid mix of leading iconic brands and expanding on-trend brands, we have a strong portfolio that is adaptable to meet consumer needs.

second with a solid mix of leading iconic brands and expanding on-trend brands we have a strong portfolio that is adaptable to meet consumer needs


The outstanding performance delivered in the fourth quarter was driven by the team's continued execution of a pricing strategy committed to favoring margin over volume, an engaged workforce focused on continuous improvement and productivity

the outstanding performance delivered in the fourth quarter was driven by the team's continued execution of a pricing strategy committed to favoring margin over volume an engaged workforce focused on continuous improvement and productivity


We expect the most significant drop in volumes to occur in the fourth quarter of our current fiscal year as Brazil shipped heavily in the fourth fiscal quarter of 2016, and we do not expect to attain a similar level of shipments there this fiscal year.

we expect the most significant drop in volumes to occur in the fourth quarter of our current fiscal year as brazil shipped heavily in the fourth fiscal quarter of 2016 and we do not expect to attain a similar level of shipments there this fiscal year


where we expect many, many employees and people whose lives he touched to join and meet with us. So very turbulent times. A sad milestone, but at the same time, an opportunity to remember where we come from

where we expect many many employees and people who slice he touched to join and meet with us so very turbulent times sad milestone at the same time an opportunity to remember where we come from


This is one of the largest and most comprehensive insurance analytics deals in the BPM history -- our BPM industry, pardon me, and a true testament to our deep domain capabilities.

this is one of the largest and most comprehensive insurance analytics deals in the bpm history -- or bpm industry pardon me and a true testament to our deep domain capabilities


looking at our 3-year rate cases in both New York and then also in Connecticut, so we have the assurance of getting 3 years' worth of rate increases and stability and also our capital spending for that matter in both those jurisdictions.

looking at our 3-year rate cases in both new york and then also in connecticut so we have the assurance of getting 3 years' worth of rate increases and stability and also our capital spending for that matter in both those jurisdictions


that situation this year. Those businesses are very good right now. So I think we're getting some benefit from it. Obviously, the belief is that, that would moderate itself a little bit as we get into April and probably early second quarter when all of those things kind of

that situation this year those businesses are very good right now so i think we're getting some benefit from it obviously the belief is that that would moderate itself a little bit as we get into april and probably early second quarter when all those things kind of


There are many opportunities in the future. But right now, we're using a lot of autonomy to make our team safer and to give them a better quality of life on the road. And we're using a lot of different technologies to make sure that our sustainability efforts

there are many opportunities in the future but right now we are using a lot of autonomy to make our teams safer and to give them a better quality of life on the road and we're using a lot of different technologies to make sure that our sustainability efforts


due to the reduced returns we've not chosen to invest marginal capital in this sector and we will continue to either allow the portfolio to run off or reallocate our capital to other agency backed mortgage sectors.

due to the reduced returns we have not chosen to invest marginal capital in this sector and we will continue to either allow the portfolio to run off or reallocate our capital to other agency-backed mortgage sectors


made a huge amount of sense. And so yes, it seems like that's kind of the same logic that's underpinning this combination announcement that was made earlier this week. So

made a huge amount of sense and so yes it seems like that's kind of the same logic that's underpinning this combination announcement that was made earlier this week so


think would be a cap rate spread? And do you think it would be positive? Or could it start out with being, I guess, negative and then growing as you put more effort into leasing or what have you at the various properties?

think would be a cap rate spread and do you think it would be positive or could it start out with being i guess negative and then growing as you put more effort into leasing or what have you at the various properties


per hour of the traditional Yoga content is much lower than it would be for the Seeking Truth-type content that has the animation and the post-production value in it. And I think the other piece here is as we've launched the Transformation channel and we're trying to

per hour of the traditional yoga content is much lower than it would be for the seeking truth type content that has the animation and the post-production value in it and i think the other piece here is as we've launched the transformation channel and we're trying to


we are now better equipped to deal with the variability. First, we have taken some immediate steps to reduce cost at our main specialty alumina production facility in the Netherlands.

we are now better equipped to deal with the variability first we have taken some immediate steps to reduce cost at our main specialty aluma production facility in the netherlands


As expected, it will take time for our community to get used to the changes. But overall, we are pleased with the initial results, and we'll be making the redesign available to our entire community in Q1. There is a lot of work ahead as we optimize the updated application,

as expected it will take time for our community to get used to the changes but overall we are pleased with the initial results and we'll be making the redesign available to our entire community in q1 there is a lot of work ahead as we optimize the updated application


That tends to happen to be magnified when you already are having a very strong year. And I think we had definitely a good year, but as you know, the first half was still a challenge for us and it was really in the third quarter where we really kind of picked up

that tends to happen to be magnified when you already are having a very strong year and i think we had definitely a good year but as you know the first half was still challenging for us and it was really in the third quarter where we really kind of picked up


In 2016, he became our first Director of Talent Development and was responsible for creating and implementing a comprehensive new sales associate and store manager training program throughout the company.

in 2016 he became our first director of talent development and was responsible for creating and implementing a comprehensive new sales associate and store manager training program throughout the company


By identifying these requirements that go above and beyond the standard needs of HR and payroll for technology companies, we have differentiated our products from the rest of the industry.

by identifying these requirements that go above and beyond the standard needs of hr and payroll for technology companies we have differentiated our products from the rest of the industry


Finally, as we have discussed earlier, we extended our scope of services at Kroger to provide them with self-service capabilities for their large base of suppliers to inquire on claims and view supporting information.

finally as we have discussed earlier we extended our scope of services at kroger to provide them with self-service capabilities for their large base of suppliers to inquire on claims and view supporting information


small to medium and potentially large, may not be HITRUST certified. And that is the gold standard for the health insurance industry. So that's one of the factors where we see consolidation also potentially

small to medium and potentially large may not be hytrust certified and that is the gold standard for the health insurance industry so that's one of the factors where we see consolidation also potentially


In the third quarter last year, we completed the acquisition of Northern Illinois Steel Supply and All Metal Services followed by the fourth quarter 2014 acquisition of Fox Metals and Alloys.

in the third quarter last year we completed the acquisition of northern illinois steel supply and all metal services followed by the fourth quarter 2014 acquisition of fox metals and alloys


Further, our data-driven compliance framework initiatives allow us to automate a number of compliance review functions that are more repetitive in nature, while simultaneously expanded the number of relevant transactions we access.

further our data-driven compliance framework initiatives allow us to automate a number of compliance review functions that are more repetitive in nature while simultaneously expanding the number of relevant transactions we assess


was submitted. That's where the support comes for claim. So the more claims is submitted for that specific carrier, the faster it comes through a more consistent

what was submitted that's where the support comes for a claim so the more claims is submitted for that specific carrier the faster it comes to a more consistent


in the areas where we see more opportunity, pulling back in areas that are under pressure. In 2016, we will continue to reduce our commitment to markets such as energy insurance

in the areas where we see more opportunity pulling back in areas that are under pressure in 2016 we will continue to reduce our commitment to markets such as energy insurance


relative to controls. While there were no fraudulent activities identified or material misstatements, it was identified by the company that we did have control issues,

relative to controls while there were no fraudulent activities identified or material misstatements it was identified by the company that we did have control issues


Our outlook for 2016 is essentially unchanged from what was provided at our Analyst Day in December, other than it has been adjusted to now reflect a lower weighted average number of shares outstanding.

our outlook for 2016 is essentially unchanged from what was provided at our analyst day in december other than it has been adjusted to now reflect a lower weighted average number of shares outstanding


And what we wanted to do was estimate an immediate dose that would have a good enough increase in exposure to expect that we might be able to pick up an increment in efficacy.

and what we wanted to do was estimate an intermediate dose that would have a good enough increase in exposure to expect that we might be able to pick up an increment in efficacy


That's a very good question and as we focused on this tough macro environment for the last couple of years, we take the same lesson, we can control what we can control and we have a lot of room for improvement within our walls, so to speak.

that's a very good question and as we focused on this tough macro environment for the last couple of years we take the same lesson we can control what we can control and we have a lot of room for improvement within our walls so to speak


We believe the vast majority, and the only reason I mention it, of these surprises are behind us and feel that the profitable growth should start to kick in now and we'll see the success continue.

we believe the vast majority -- and the only reason i mention it of these surprises are behind us and feel that the profitable growth should start to kick in now and we'll see the success continue


But now I see already first responses from our landlords in a way that they start realize that they have to create a little bit more flexibility for us in terms of the transformation

but now i see already first responses from our landlords in a way that they start to realize that they have to create a little bit more flexibility for us in terms of the transformation


a strategic move that will position Reis to provide intelligence on every property that may be of interest regardless of the users function or the type of transaction, management or marketing activity in which the user is engaged.

a strategic move that will position reis to provide intelligence on every property that may be of interest regardless of the user's function or the type of transaction management or marketing activity in which the user is engaged


There are no further questions in the queue at this time. Why don't we -- we're almost an hour, but why don't we go ahead and give everybody one more opportunity to enter. And then we'll clear those if they do. And if they don't, then we'll end it at this.

there are no further questions in the queue at this time why don't we -- we're almost an hour but why don't we go ahead and give everybody one more opportunity to enter and then we'll clear those if they do and if they don't then we'll end at this


played out in Q4. And that was Q4 was going to be the first year -- first quarter where we saw growth for the company for the enterprise within the framework, which we did.

played out in q4 and that was q4 was going to be the first year -- first quarter where we saw growth for the company for the enterprise within the framework which we did


But of course, this is phase 1. For the second phase, evaluate. As we bring new capabilities to the market, we work with our clients every day to help them understand the data, and importantly, how they can use the data to run their business.

but of course this is phase 1 for the second phase evaluate as we bring new capabilities to the market we work with our clients every day to help them understand the data and importantly how they can use the data to run their business


We're fortunate to have excellent billing management and many of the outstanding issues are being aggressively resolved. While much work remains in billing, we're seeing tangible progress in many areas.

we're fortunate to have excellent billing management and many of the outstanding issues are being aggressively resolved while much work remains in billing we're seeing tangible progress in many areas


As one measure of the strength of our business, we monitor what we call base EBITDA. Base EBITDA eliminates the financial impact of performance fees as well as certain expenses such as stock option and retirement obligation expenses.

as one measure of the strength of our business we monitor what we call base ebitda base ebitda eliminates the financial impact of performance fees as well as certain expenses such as stock option and retirement obligation expenses


First, you'll see ongoing focus on strong execution both with our in-line and development products. Second, we anticipate an increasing number of clinical data readouts and regulatory updates across our portfolio.

first you'll see ongoing focus on strong execution both with our in-line and development products second we anticipate an increasing number of clinical data readouts and regulatory updates across our portfolio


of? Well, the only thing that's different for the second half is we have 2 quarters of missing that large contract versus the one that we had in the first quarter -- or in the first half. Because in the first half, we had a full first quarter of the contract and only missed it in the second.

well the only thing that's different for the second half is we have 2 quarters of missing that large contract versus the one that we had in the first quarter or in the first half because in the first half we had a full first quarter of the contract and only missed it in the second


The company undertakes no obligation to publicly correct or update the forward-looking statements made during the presentation to reflect future events or circumstance, except as may be required under applicable security law.

the company undertakes no obligation to publicly correct or update the forward-looking statements made during the presentation to reflect future events or circumstance except as may be required under applicable security law


Jeff will provide additional comments on the quarter, a brief overview of summary financials and then provide a snapshot of our financial position and review the upcoming investor conference calendar. Following that, we will open the floor up to questions.

jeff will provide an additional -- additional comments on the quarter a brief overview of summary financials and to provide a snapshot of our financial position and review the upcoming investor conference calendar following that we will open the floor up to questions